Coinbase, the leading crypto exchange, announced to cut 20% of its workforce (950 jobs) amid crypto market volatility as a strategy to address rapid growth and cut costs to sustain its business model in the long term.
Coinbase's fortunes' are tied to cryptocurrency prices, which have been falling. Investors are shy of buying Coinbase (NASDAQ: COIN). The challenges the company faces this year are many but it is preparing for a rebound.